Professional Assessment of Cybersecurity Readiness Among Nigerian Microfinance Banks

The microfinance banking sector serves millions of financially underserved Nigerians, and cybersecurity readiness at these institutions is critical for both financial stability and customer data protection, yet a systematic professional assessment of sector-wide readiness has not been conducted. This study professionally assessed cybersecurity readiness among microfinance banks across four geopolitical zones: Lagos (SW), Plateau (NC), Anambra (SE), and Kebbi (NW). A readiness assessment methodology based on the CBN Cybersecurity Framework for Microfinance Banks was applied through structured interviews with IT and compliance officers at 20 microfinance banks (five per zone), documentation reviews, and technology assessments. Readiness dimensions covered asset management, access control, data security, awareness training, incident response, and recovery planning. Results showed an average readiness score of 38.4 out of 100, indicating very low readiness. Access control was the highest-scoring domain (mean 52.1) while incident response was the lowest (mean 21.3). Urban-based microfinance banks scored significantly higher than rural-based banks across all dimensions (p < 0.001). No microfinance bank in the sample had achieved CBN cybersecurity framework compliance certification. The study concludes that cybersecurity readiness across Nigerian microfinance banks is critical and disproportionately worse in rural and northern zones. Recommendations include a CBN-subsidised cybersecurity compliance toolkit for microfinance banks, NIBSS-coordinated shared security services, and a graded compliance timeline with enforcement milestones. Keywords: cybersecurity readiness, microfinance banks, CBN framework, financial sector security, Nigeria